measures in support of non-public sector development, earnestly address salient problems that concern private companies, and take firm action to remove hidden barriers.
We will build a new type of cordial and clean relationship between government and business, and improve mechanisms for entrepreneurs to participate in enterprise-related policy formulation. We will encourage and protect entrepreneurship, boost entrepreneur confidence, and enable private enterprises to reach their maximum potential in the market economy.
We will improve property rights systems and mechanisms for market-based allocation of the factors of production.
The property rights system is the cornerstone of the socialist market economy. We will improve the relevant laws and regulations to see that property rights are protected, contracts are honored, the market is unified, exchanges are equal, and competition is fair. All types of infringements on property rights will be rigorously dealt with in accordance with law, and all property rights dispute cases will be reviewed and settled in accordance with law.
We will strengthen the protection of intellectual property, and enforce a punitive compensation system for intellectual property rights infringements. We will speed up reforms making the pricing of factors of production like technology and land increasingly market-based, deepen reform of the pricing mechanisms for resource products and public services, break government monopolies, and protect against market monopolies. We will see that strong protection of property rights and fluid flows of the factors of production enable a great increase in market dynamism and public creativity.
We will continue structural fiscal and tax reforms.
We will advance reforms to clearly define the respective fiscal powers and expenditure responsibilities of central and local government, move quickly on formulating a plan for reforming the division of revenues, and improve the transfer payments system.
We will improve local tax systems, and prudently advance legislation on real estate tax. We will reform the personal income tax. We will implement performance-based management across the board, and ensure the proper and secure use of fiscal budgets.
We will speed up reforms in the financial sector.
We will reform and improve the financial service system, support financial institutions in expanding their business in inclusive finance, promote
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